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Greggs expects annual sales and profits to be “materially higher” than last year after the runaway success of its new vegan sausage roll.

The high street bakery chain said the introduction of its £1 Quorn-filled baked rolls to its entire estate in February helped fix availability problems at the beginning of the year that saw surging demand outstrip supply.

Its success helped sales rise 15pc in the 19 weeks to March while sales in stores open for more than one year grew 11pc, significantly faster than the growth rate a year ago.

Shares soared by more than 10.5pc in morning trading, sending the bakery's market value to more than £2bn.